IRA Charitable Rollover
You may be looking for a way to make a big difference to help ministry. If you are 70½ or older you may also be interested in a way to lower the income and taxes from your IRA withdrawals. An IRA charitable rollover is a way you can help continue the work of your church or favorite ministry and benefit this year.
Benefits of an IRA charitable rollover
- Avoid taxes on transfers of up to $100,000 from your IRA to your church or favorite ministry.
- May satisfy your required minimum distribution (RMD) for the year; however, Congress has waived RMDs for 2020 due to COVID-19.
- Reduce your taxable income, even if you do not itemize deductions.
- Make a gift that is not subject to the deduction limits on charitable gifts.
- Help further the work and mission of your church or favorite ministry.
How an IRA charitable rollover gift works
- Contact your IRA plan administrator to make a gift from your IRA to your church or favorite ministry.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
- Please contact us if you wish for your gift to be used for a specific purpose.
If you have any questions about an IRA charitable rollover gift, please contact us. We would be happy to assist you and answer any questions you might have.